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《大行報告》摩通料中國恆大(03333.HK)出售資產過程需時一至兩年 維持「減持」評級
中國恆大(03333.HK)昨晚公佈,向合生創展(00754.HK)出售恆大物業(06666.HK)的交易並未進行。摩根大通發表報告指,該交易一如該行預期並未進行,料對恆大及恆大物業股價均有負面影響。 該行又預計恆大出售資產過程需時一至兩年,主因集團土地儲備龐大,沒有單一房企能輕易吸納,加上收購方對恆大的信心可能偏低,因此對恆大和恆大物業審慎看法,維持「減持」評級,目標價分別是1.7元和3.4元。 報告指,恆大物業價值達320億元人民幣,認爲沒有一個上市物管公司有足夠現金收購恆大物業所有權益,另外投資者或對收購少過30%的少數股權興趣不大,加上企業目前傾向保留現金,對這類大型收購興趣低。該行認爲,恆大物業需要更大額折讓,或分批出售資產,令同行更易吸納資產。
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